Objective: We aimed to evaluate the association between thyroid hormones and indices of obesity in a sample of euthyroid postmenopausal women. Design: Cross-sectional study. Methods: Serum levels of TSH, free triiodothyronine (FT 3 ), and free thyroxine (FT 4 ) as well as BMI and waist:hip ratio (WHR) were evaluated in 194 healthy euthyroid postmenopausal women. Ultrasonography was used to assess abdominal fat layers (subcutaneous fat (SF), preperitoneal fat (PF), and SF:PF ratio). Indices of adiposity were defined as high vs low depending on the median value of the assessed parameters. Results: After multivariate adjustment for traditional risk factors, lower FT 4 levels and a higher FT 3 :FT 4 ratio predicted higher SF mass (FT 4 , Exp(b)Z0.035, PZ0.020 and FT 3 :FT 4 , Exp(b)Z2.374, PZ0.018), whereas higher FT 3 predicted higher PF mass (Exp(b)Z2.815, PZ0.032). Women with FT 3 :FT 4 above the highest quartile had a significantly higher SF mass as compared to women in the lowest quartile (1.81G0.62 cm vs 1.54G0.46 cm, PZ0.027). BMI had a positive independent association with TSH (Exp(b)Z1.829, PZ0.018). Finally, FT 3 was significantly associated with SF mass among women with higher BMI (FT 3 , bZ0.259, PZ0.040) and women with higher WHR (bZ0.309, PZ0.020) but not among women with lower BMI or WHR values. Conclusion: Thyroid hormone levels, and in particular FT 3 , were independently associated with SF and PF in euthyroid postmenopausal women, and this association was mainly evident in women with higher BMIs. On the other hand, among traditional indices of adiposity, only TSH was positively associated with BMI. Larger prospective studies are needed to evaluate the significance of the present findings.